Confusion as CBN Denies Ordering Banks To Accept Old N1000, N500 Notes

The Central Bank of Nigeria has denied reports that it directed commercial banks to accept old N1,000 and N500 notes from Nigerians.

The apex bank labelled the report as false, adding that it did not emanate from its management.

In a statement by its Director, Corporate Communications, Osita Nwanisobi, the CBN said it was fully complying with the directive of President Muhammadu Buhari to circulate old N200 notes.

The statement read;

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes.

“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.

“Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.

“Media practitioners are advised to PLEASE verify any information from the correct sources before publication.”